It's that time when once a year punters file into betting agencies across the countries and try their luck at tipping the winner of the Melbourne Cup.

But what's the best formula?

Do you go for a lucky colour? The old analogy that red goes faster doesn't always prove to be true at Flemington.

Maybe a lucky number or quirky name? If that's the case, then it's impossible to go past Who Shot Thebarman ($21) or Max Dynamite ($14).

Or maybe, just maybe, you follow the traditional path and cast your eye over the all-important form guide.

Everything there is listed. Past results, personal best times, form on fast tracks, slow tracks, dead tracks etc etc etc.

Or maybe ... just wing it!